Bibliography: * Sloman‚ J. Economics‚ 6th Edition‚ Prince Hall‚ 2006 * Hosein‚ R.‚ and Gookool‚ R. Cape Economics Study Guide Unit1‚ Caribbean Examination Council‚ 2007. * The Jamaica Public Service‚ (n.d.) Operations of JPS January 18‚2012 from http://www.jpsco.com/ * Anderton‚ A. Economics‚4th Edition‚ Causeway Press
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No. of Printed Pages : 8 MEC-001 MASTER OF ARTS (Economics) In cV O Term-End Examination June‚ 2010 MEC-001 : MICRO ECONOMIC ANALYSIS Time : 3 hours given under each section. SECTION - A Maximum Marks : 100 Note : Attempt questions from each section as per instructions Answer any two questions from this section : Present and explain Slutsky’s theorem : (a) graphically and (b) mathematically. 2x20=40 A monopolist operates two plants : 1 and 2. The marginal costs of the two plants are given
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ECONOMICS FINAL EXAM ➢ TEST 1 1. Which of the following topics typifies microeconomics as opposed to macroeconomics? An individual’s decision about which goods to buy with his or her income. 2. If the number of workers unemployed in an economy decreases‚ then the economy moves from a point inside its PPF to a point closer to its PPF. 3. An economy is said to be efficient if it is not possible to produce more of one good without producing less of another. 4. Technological
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improvement in the quality and level of production. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them. The education‚ experience and abilities of an employee have an economic value for employers and for the economy as a whole. Health is like capital as well: Like Human Capital -- Better health = enjoy better life = work more = higher productivity = more financial benefits. Education is the same. Other
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war for market share goes on yet Samsung is able to maintain a high market share in TVs and smartphones. It is the innovative ideology of Samsung that has driven it to the top. Smart Camera & Smart TV as a monopoly What is Monopoly? In Economic terms ‘Mono’ means ‘one’ and ‘Poly’ means ‘Seller’. So basically it occurs when there in only one seller of a particular commodity in a market. There is no close substitute for the product in the market so the seller has complete power to set its
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Assignment 1: Principles of Economics A March 2010 report on alcohol abuse identified American adults make up over 30 percent of alcohol abusers or are suffering from alcoholism (Roberts‚ 2010). The report interviewed 43‚000 adults in the 18 and older category and brought to light the dependency on alcohol consumption by adults as well as its far-reaching implications of costs associated with this addiction. An economist would approach the problem of alcohol abuse by making the assumption that
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Economic Analysis for Managers CHAPTER 11 (TECHNICAL QUESTIONS) 1. Do government statistics calculate GDP by simply adding up the total sales of all business firms in one year? Explain. GDP is the market value of all good and services produced in the United States in one year. It includes only final goods and services‚ so the sales of any firms producing intermediate goods are not included. GDP is usually calculated by adding up spending on consumption‚ investment‚ government‚ and net
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1.Consider the following entry game. Here‚ firm B is an existing firm in the market‚ and firm A is a potential entrant. Firm A must decide whether to enter the market (play "enter") or stay out of the market (play "not enter"). If firm A decides to enter the market‚ firm B must decide whether to engage in a price war (play "hard")‚ or not (play "soft"). By playing "hard"‚ firm B ensures that firm A makes a loss of $1 million‚ but firm B only makes $1 million in profits. On the other hand‚ if
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PROBLEM SET # 3 JUDO ECONOMICS The Problem is premised on the following phased structure; | Decision Maker | Decisions To Be Made | Stage 1 | Entrant | Whether to enter or opt out | Stage 2 | Entrant | Set up the price(Pe) and the number of target customers(T) | Stage 3 | Incumbent | Whether to fight or accommodate; 1) Price war 2) Set up the price for remaining customers (100-T) | Stage 4 | Buyer | Consumers buy from whoever offers them the highest surplus. There is no cost to capacity
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ECONOMICS conimists- 16th and 17th centuries. hysiocrats (farmers) ercantalists (traders) Father of Economics/ Father of the classical school of economic thought- Adam Smith (In 1776‚ he wrote ’An enquiry into the nature and causes of the Wealth of Nations’) According to Smith‚ self interest was an invisible hand which would work for the common benefit of the community. The Great Depression of 1929 was a phase in which supply exceeded demand. John Maynard Keynes (a British economist)
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